CVA for a UK plc Quoted on a US Stock Market

22 November 2013

KSA Group was invited to review this media and events company with circa 10m of sales worldwide.Key problems

• Successful 2 year turnaround led by George OLeary of SKS Consulting of South Florida Corp - BUT • Multiple litigation issues of >£1.6m• County Court Judgments• Landlords threats• Legacy debts to HMRC for PAYE and NIC of £1.5m across 2 UK companies.• UK trading subsidiary insolvent with large PAYE and NIC liabilities• Trading subsidiaries in California, France, London• £16m of senior secured loanstock held by US Private Equity Firms• 6,000 penny shareholders worldwide mostly in US• Supportive UK bank Barclays with 400,000 of liability.• £70m of tax losses built up by previous directors efforts to grow rapidly by acquisition.

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Just a quick note to say a big thank you to all the staff at KSA, our CVA was passed today by creditors voting in an overwhelming number including HMRC to accept the proposal as prepared by KSA.

The road to reach today’s conclusion has been bumpy, but at each stage your team has supported and guided us through the issues and we have reached a very satisfactory outcome to the benefit of customers, staff, all creditors and shareholders.